Run-off insurance cover
Comprehensive run-off insurance cover – for your ongoing peace of mind and protection
When you’re a doctor planning to retire or have a break from medical practice, you have a couple of options to consider for professional indemnity insurance.
The Australian Government introduced the Run-Off Cover Scheme (ROCS) on 1 July 2004 to provide run-off insurance cover to medical practitioners who have ceased private medical practice and who satisfy specified eligibility criteria, and to the estates of deceased medical practitioners. Under ROCS, the government guarantees to pay the cost of medical indemnity insurance claims against eligible medical practitioners covered by the scheme.
As a medical practitioner, when you become eligible for ROCS cover, your last medical indemnity insurer issues a ROCS insurance policy. The government will reimburse the insurer for any valid claims it pays under that ROCS policy. If you aren’t yet eligible for ROCS but take an extended break, you can apply for an Avant Practitioner Indemnity Insurance policy run-off cover from Avant.
Australian Government Run-Off Cover Scheme (ROCS) or Avant Practitioner Indemnity Insurance Run-off cover?
When am I eligible for ROCS?
A medical practitioner becomes eligible for ROCS if they:
- have permanently retired from private medical practice;
- have ceased practising due to permanent disability;
- are deceased (their estate is eligible for ROCS);
- leave Australia after working as a medical practitioner under an eligible temporary visa; or
- are on maternity leave.
Find out more here (Run-Off Cover Scheme FAQs) or contact us on 1800 128 268.
What if I’m not eligible for ROCS?
You can purchase Avant Practitioner Indemnity Insurance policy for run-off cover if you are a practitioner (and have been members of United Medical Protection, MDAV or have held medical indemnity insurance with Avant Insurance) and if you have:
- ceased private practice (e.g. taken an extended career break); or
- cancelled your indemnity policy for another reason.
Contact us on 1800 128 268 to learn more.
Taking maternity leave
If you plan to take a break from your career to start a family, you will need to ensure that you have the appropriate level of run-off cover to protect you from any incidents that may have occurred during your career but have not yet been notified to insurers. You may be eligible for the Government ROCS scheme. Contact us on 1800 128 268 to learn more.
We cover you in case you're sued by a patient or another person because of the healthcare you provided. You are also covered for lawyers to defend you in the case and legal costs of the other side (if you're ordered to pay those too). Cover is up to $20 million. Your run-off policy only covers healthcare provided by you during your run-off period shown on your policy schedule.
We defend you in front of AHPRA, the Medical Board and the Coroner when your practice is being examined. We also support you through investigations by your state's health complaints entity and the criminal courts. Cover is up to $2 million. Your run-off policy only covers healthcare provided by you during your run-off period shown on your policy schedule.
You come into contact with Medicare and private health funds a lot as a doctor, so it's good to know that Avant will assist you with an audit or an investigation by either of these sorts of organisations. Cover is up to $2 million. Your run-off policy only covers healthcare provided by you during your run-off period shown on your policy schedule.
We cover you up to $2 million for legal fees and other expenses that we incur with the lawyer or other person in relation to a coronial inquiry or inquest, or responding to a request from a Royal Commission or Commission of Inquiry, or other government commission, where you are required in your capacity as a healthcare professional. Cover is up to $20 million. Your run-off policy only covers healthcare provided by you during your run-off period shown on your policy schedule.
We cover up to $2 million for challenging a subpoena to produce medical records, if there are reasonable grounds or a reason to challenge the subpoena or the release of medical records pursuant to the subpoena. Cover is up to $20 million. Your run-off policy only covers healthcare provided by you during your run-off period shown on your policy schedule.
^Cover is subject to the full terms, conditions and exclusions of the policy. Your run-off policy only covers healthcare provided by you during your run-off period shown on your policy schedule. Communicable disease cover and away from work costs are not available under your run-off policy.
Important Documents
The LIST places a curated list of insurers at your fingertips making finding the right life insurance policy easy for doctors. Compare, select and apply.
The Avant Doctors’ Health Fund is the only health fund created for doctors and the medical community.
Disclaimers
*The Retirement Reward Plan reflects the current policy of the Board for determining which members of Avant are eligible to participate in the Retirement Reward Plan and any Retirement Reward Dividends declared by Avant. The Retirement Reward Plan is entirely at the discretion of the Board and no member will be eligible to receive a Retirement Reward Dividend until such time as the Board declares a dividend in favour of that member. The Retirement Reward Plan is subject to change, suspension or termination by the Board at any time.
#The information provided in this material is general advice only and has been prepared without taking into account your objectives, financial situation and needs. You should consider these, having regard to the appropriateness of this advice as well as the Product Disclosure Statement and Target Market Determination before making a decision to acquire a financial product. You should also read our Financial Services Guide for detail about who we are, how we are remunerated and how our Doctors Life Insurance Selection Tool (LIST) works. For further important information please see Avant - Life insurance for doctors . The LIST is provided by Avant Life Insurance. “Avant Life Insurance" is a registered business name of Doctors Financial Services Pty Ltd ABN 56 610 510 328 AFS Licence Number 487758 (DFS).
